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2 refinances at one time

I have my own home and a rental property I'd like to refinance. They are both conventional mortgages. This would b solely to get the rates down. Is there anything preventing me from doing this? I have 715 credit by ursula.c4276478 from Elgin, Ohio. Dec 12th 2014 Reply


Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#2 ranked lender in New York - 2,237 contributions

Nothing at all, you can do both at the same time without a problem.

Dec 12th 2014
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Kim Lawson (kilawson)
#55 ranked lender in Ohio - 150 contributions

Hi, Absolutely not. You should have no troubles. Well, I say that based on score alone. I obviously wouldn't know your debt to income or if you have the 6 months reserves for the rental that you'd need but, based on score alone... you should not encounter any troubles at all. If I can answer any add'l questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson T: 888-659-3848. Licensed Mortgage Loan Originator - Ohio only. Licensing information can be found on my profile.

Dec 12th 2014
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Tim Bradford (Tim Bradford)
#7 ranked lender in Ohio - 145 contributions

My Only suggestion is that you use the same lender for both refinances. That way the lender will know everything that is occurring. Also, would benefit you as documents to only one lender. I am a lender in Ohio and my phone number is 216-324-8113 NMLS 250013 and Ohio LO.007173

Dec 12th 2014
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Michael Zuren, PhD (mikezuren)
#57 ranked lender in Ohio - 216 contributions

Yes, you can refinance 2 mortgages at the same time. I would also suggest using the same lender for both. If you have any questions, my phone number is 440-953-0447 #15 Thank You Mike

Dec 12th 2014
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,815 contributions

There is nothing wrong with you refinancing both properties at the same time. It would be easiest to use the same Mortgage Banker/Broker for both transactions since you would only need to provide them with one set of required documents. They will duplicate the documents to create the second file. The same underwriter will likely underwrite both files at the same time and you should be able to go to Title just once to sign both sets of documents. If for some reason you do choose to use different lenders for the transactions, you MUST inform each of them that you are doing another refinance. You may find that this becomes problematic as neither underwriter will know what the other is doing and how the other loan is finalized could impact their decision, causing a delay. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in Arizona (AZLO0911876 / AZBK0902429), Washington (WALO40586 / WACL3087) and California (CADOC40586 / CAFLL6036566). We are licensed by the CA-DBO under the CFLL and CRMLA. Loans made or arranged pursuant to CFLL or CRMLA license. ~ www.LoansA2z.com ~ 888-889-9950

Dec 12th 2014
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Dave Metsker (DaveMetsker)
#38 ranked lender in Oregon - 2,317 contributions

Go for it. The new payments will be used to determine your debt ratio.

Dec 12th 2014
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Sara Deere (Saraloveshomeloans)
#39 ranked lender in Kansas - 511 contributions

I agree with all the previous answers listed below that you should use the same banker/broker for both loans. You should not have a problem with either refinance.

Dec 12th 2014
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

With your credit score there should not be any problems.

Dec 12th 2014
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,109 contributions

Yes, you can absolutely do both at the same time. This would save you a lot of time since you would only have to supply your documents once to the same company. I would contact a local mortgage broker or mortgage lender and find out what your best loan options are so you can get the best loan for your situation. Best wishes, Sean

Dec 13th 2014
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